The first mobile banking application integrating SoftPOS technology

VIB Checkout application allows touch to pay on smartphones, while providing a financial management platform and performing transactions according to user needs.

This is the first Mobile Banking application in Vietnam integrating Soft POS technology developed by VIB International Bank, for micro-enterprises, business households and individuals to manage finances.

VIB Checkout allows smartphones with this application installed to function as a POS machine (a machine that accepts card payments). Thanks to that, businesses and business households can deploy card swiping payments for customers right on their mobile phones anytime, anywhere without the need for any additional supporting devices.

Currently, the application accepts payment for Visa cards, and is expected to integrate other card lines in the near future.

VIB launches VIB Checkout digital banking application integrating SofPOS feature. Photo: VIB — VIB launches VIB Checkout digital banking application with integrated Soft POS feature. Photo: *VIB*

According to the bank representative, in addition to providing flexible payment solutions, VIB Checkout is also a platform that helps users manage their finances and make transactions according to their needs.

One of the outstanding features of the application is single money transfer, batch money transfer, money transfer by QR code... free of charge.

With the batch transfer feature, account holders can transfer money to a list from an excel file with a standard template provided by the bank, authenticate through the steps and make a batch transfer. Synchronous and frequent transactions will be performed quickly, helping account holders save time and effort.

Other features such as transferring money via QR code, saving beneficiary contacts, saving money transfer templates, sharing successful transactions... are also installed to make transactions more convenient.

In addition, users can also manage their payment accounts by looking up the account QR code, copying the account number, viewing transaction history, account statements and sending debit/credit notices via email. With savings and deposits, users can instantly check their current balance and details. Loan information is also integrated for convenience in checking, debt acknowledgment contracts, next repayment period, overdue debts, history and repayment details.

The transaction management feature allows account holders to check transaction information, approve/cancel or reject transactions depending on their needs. In particular, the application integrates a transaction processing authorization feature that allows account holders to perform or authorize personnel to process related transactions. Transaction control of authorized accounts is also done through the application, thereby ensuring transparent and secure financial management.

According to Ms. Pham Thu Ha, Director of the Center for Digital Banking Strategy and Solutions, in recent years, payment transactions via POS machines have become increasingly popular in businesses and business households in many fields, especially in the service and retail sectors of consumer goods due to its convenience.

According to data from the State Bank of Vietnam, by the second quarter of 2023, the demand for POS machines in the market will be 1.2 million devices. The lack of infrastructure, especially POS devices, is still a challenge, hindering businesses from promoting digital transformation.

"The launch of VIB Checkout is a new step forward to help business owners and business households focus on developing business goals thanks to the support of modern payment technology," Ms. Ha added.

According to the bank's representative, the new product contributes to affirming VIB's goal of leading in technology application and, more importantly, bringing users smart, comprehensive and optimally effective financial experiences.

From now until August 31, VIB Checkout users have the opportunity to receive many incentives from the bank.

An Nhien

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